Forex!
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Andy Haskins
Well-Known Member
I've had a few experiences with it, mainly on demo accounts and have done pretty well with some of them. After speaking to some other traders and looking in to certain trading methods and techniques.
There is definitely plenty of money to be made but I think half the problem with many new traders is discipline, it's all to easy to see the profit forming and get greedy. Always set a limit to get out and a stop loss and stick to it regardless.
It's something I would love to get involved with again once I am happy with business and can spare the time to take it seriously.
There is definitely plenty of money to be made but I think half the problem with many new traders is discipline, it's all to easy to see the profit forming and get greedy. Always set a limit to get out and a stop loss and stick to it regardless.
It's something I would love to get involved with again once I am happy with business and can spare the time to take it seriously.
Angelman
Member
I don't know a great deal about how it all works to be honest, but understand it in principle. If there was money to be made and it was something that was a good fit for me, I'd consider looking at it in the future, but at the moment it would just be another thing to distract me and that's the last thing I need 
lokiys
Get your fix Ninja!
I have experience with forex - worked some time ago, but not for living.
First what to agree with Andy - Discipline is problem.
Next what i can add - Problem is money - because most of newbie traders want to bank high, without investment or with small investment.
Forex is big guy game if you want to live just with forex. One simple rule what forgetting all traders when starting to trade is MM (money management)
That mean you CAN NOT RISK MORE THAN 2%
But most of traders go in with example 1000 Usd and hope that with risk 50-100% they will be successful traders.
And one what you should take care of is avidity Take what you can take and do not take too much. If you will take too much you will lose for sure...
First what to agree with Andy - Discipline is problem.
Next what i can add - Problem is money - because most of newbie traders want to bank high, without investment or with small investment.
Forex is big guy game if you want to live just with forex. One simple rule what forgetting all traders when starting to trade is MM (money management)
That mean you CAN NOT RISK MORE THAN 2%
But most of traders go in with example 1000 Usd and hope that with risk 50-100% they will be successful traders.
And one what you should take care of is avidity Take what you can take and do not take too much. If you will take too much you will lose for sure...
Andy Haskins
Well-Known Member
It's exactly that and it's important that you stick with the 2% rule.
Being able to utilize leverage on accounts means that although gains (or losses) will be small, it will build up quicker than you imagine.
Being able to utilize leverage on accounts means that although gains (or losses) will be small, it will build up quicker than you imagine.
Jay Wessman
Well-Known Member
I've got a mate that got into forex a while back who taught me some ins and outs of it but honestly it just gave me a headache.
It's internet marketing for me
It's internet marketing for me
I have experience in forex for 7 years. Have yet able to make a decent income trading, but not giving up. The most important is be ready to give up losses in order to get another opportunity to be profitable. Also when you are profitable, how long do you wish to hold on to profits in the hope that market run in your way. After all you will encounter more losses but one home run will cover most of your losses.
The issue is can you be persistence?
I have an ebook coming up soon. Can I give you a review copy???
The issue is can you be persistence?
I have an ebook coming up soon. Can I give you a review copy???
I actually was a forex marketer like 4 years ago and end up doing BIG numbers in that field. Was actually one of the first venders for forex on Plimus before they
switched it up. Never actually traded though...Had some partners out in Cyprus (kuz America kinda frowns on Forex now a days).
switched it up. Never actually traded though...Had some partners out in Cyprus (kuz America kinda frowns on Forex now a days).
ended doing BIG numbers in forex field as in??
Andy Haskins
Well-Known Member
I'll bring this thread back to life. I've been having a little flutter here and there on a demo account over the past 30-40 days to re-familiarize myself however haven't been able to make too many trades due to work load.
With a starting balance of $1,000 I am now up to $1,490.
Take in to account as the balance grows, the profit per trade will in theory increase due to available margin to use but so far its been a positive experience.
There have been some losing trades in their but with patience and persistence the balance is growing steadily. The main thing is to ensure that you keep a cool head through out the process, don't get too greedy and don't trade 'just because you want to', if the markets are stagnant, leave it!
I will keep going on the demo account for a few more weeks as I'm busy anyway but if it keeps climbing at it's current rate I will be sure to move on to a live account.
With a starting balance of $1,000 I am now up to $1,490.
Take in to account as the balance grows, the profit per trade will in theory increase due to available margin to use but so far its been a positive experience.
There have been some losing trades in their but with patience and persistence the balance is growing steadily. The main thing is to ensure that you keep a cool head through out the process, don't get too greedy and don't trade 'just because you want to', if the markets are stagnant, leave it!
I will keep going on the demo account for a few more weeks as I'm busy anyway but if it keeps climbing at it's current rate I will be sure to move on to a live account.
Marc
武士- Spamurai
Are you not afraid that a live account will be a bit harder than a demo account?
That was my experience with online games (which is now years ago): In the demo versions I have always won. When it came to real money (no worry, only for a few bucks): no chance.
But I don't want to demotivate you, and perhaps it is not comparable
O
operationoffers
Guest
guess this is an old thread now, but I have some experience in Forex and I will tell you personally to stay away from the foreign exchange market. The Problem which most will agree with is that the violent nature of the FX help so many people loose money. Another problem is that there are too many gambloors in the market. In most cases you have a created market which is always pitted against you, no to mention the increasing incidence of stop hunting. I tried it some years ago and I would have some super good days but it all ending up with a negative.
lokiys
Get your fix Ninja!
Are you not afraid that a live account will be a bit harder than a demo account?
That was my experience with online games (which is now years ago): In the demo versions I have always won. When it came to real money (no worry, only for a few bucks): no chance.
But I don't want to demotivate you, and perhaps it is not comparable
You are totally right
Demo and real is two absolutely counter things
Andy Haskins
Well-Known Member
I think a lot of people like to paint the whole market with the same brush as their own experiences.
@Marc - Not afraid at all. Of course the mentality can become different because it's your own money you're risking which is why it's important you don't risk money you don't have.
You are still trading the live markets and if you know how to read the indicators as well as the impact economic factors have there shouldn't be any issues.
@operationoffers - I'm guessing you had a poor experience with FX? Although I can understand your point as it in many cases is true, for the minority that take the time to learn, research and enter sensible trades it's a market not to be missed. These 'gamblers' are only a good thing for the ones who take it seriously.
People seem to think it's a get rich sort of thing, after all how hard can it be? Enter with that mindset and you've already lost.
I've mentioned it before, emotion and mentality are a huge part of Forex. If you can't disconnect from losing trades then why bother as you'll only start making stupid trades to recover these losses. Also work on building the right mindset, the 2% rule etc and you're going to be on to a winner.
I have been working alongside a good friend on this who has successfully been trading for a while now and although he has made losing trades, he's making an above average salary from Forex alone, let alone with other business ventures.
I will be sure to keep you all update on my progress, whether it be horrifically bad or extremely great!
@Marc - Not afraid at all. Of course the mentality can become different because it's your own money you're risking which is why it's important you don't risk money you don't have.
You are still trading the live markets and if you know how to read the indicators as well as the impact economic factors have there shouldn't be any issues.
@operationoffers - I'm guessing you had a poor experience with FX? Although I can understand your point as it in many cases is true, for the minority that take the time to learn, research and enter sensible trades it's a market not to be missed. These 'gamblers' are only a good thing for the ones who take it seriously.
People seem to think it's a get rich sort of thing, after all how hard can it be? Enter with that mindset and you've already lost.
I've mentioned it before, emotion and mentality are a huge part of Forex. If you can't disconnect from losing trades then why bother as you'll only start making stupid trades to recover these losses. Also work on building the right mindset, the 2% rule etc and you're going to be on to a winner.
I have been working alongside a good friend on this who has successfully been trading for a while now and although he has made losing trades, he's making an above average salary from Forex alone, let alone with other business ventures.
I will be sure to keep you all update on my progress, whether it be horrifically bad or extremely great!
